Agency
In Hawaii, a 'designated agency' arrangement means:
ATwo separate brokerages represent buyer and seller
BOne broker within a firm is designated to represent the buyer and a different broker within the same firm represents the seller✓ Correct
CThe Hawaii Real Estate Commission designates the agent
DThe buyer designates which brokerage to use
Explanation
Designated agency allows a brokerage to designate different licensees within the same firm to represent the buyer and the seller separately, reducing conflicts associated with dual agency.
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Key Terms to Know
Agency
A legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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